Tax debt – agreements reached with Revenue by 30 September can be extended beyond 2 years to a maximum of 5 at 3% interest…just announced.

 

Since March 2020, Revenue has suspended debt collection and the charging of interest on late payment for the January – June VAT periods and February – June PAYE (Employer) liabilities.

In May 2020, Revenue announced the warehousing of these tax debts.

Update:  07 September 2020

As part of the Business and Community Stimulus package, Revenue has announced a reduced interest rate of  3% per annum on non-COVID19 related tax debt designed to provide vital liquidity support to struggling businesses and sole traders that have historic unpaid tax debt.

The period of time for repayments has been extended from 2 to 5 years.

Companies who enter into an agreement with Revenue no later than 30 September 2020 can avail of the reduced rate from the date of that agreement.

If you fall under this category you need to apply immediately to Revenue.

If you need any assistance with this, do get in touch with us at  info@avidpartners.ie or call us on 0818 303 087.

 




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